Technical outlook and chart setups:
As seen on the 4H chart view presented here, the metal is locked into a decreasing resistance/increasing support type consolidation at the moment. Immediate resistance is around 32.10/20 region, while support is at 31.60/70 region. A clear break on either side is required to confirm further swing direction. As it was discussed yesterday, there is still a possibility that Silver may re-test the 30.50 region before heading north again. It is recommended to restrain from taking any fresh positions at the moment.
Trading recommendations:
Hold on to long positions taken earlier, stop is at 30.00, target is open. Fresh longs could be taken only above 32.25.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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